ETI grosses N389bn in 6 months

Stories by Omodele Adigun

Ecobank Transnational Incorporated (ETI) , the parent company of Ecobank Nigeria, has recorded gross earnings of  N389 billion during the first half of this year just as its Nigeria subsidiary has again reviewed, upwards, the daily limit that its customers can spend with their Naira MasterCards for international transactions.

A statement from banking group states that it made impressive results in all its key financial indices for the half year which ended on June 30 2017.

The audited results released to the Nigerian Stock Exchange (NSE) showed that the pan African bank recorded gross earnings of  N389 billion for the H1 in 2017, up by 41 per cent from the N273 billion made in the corresponding period of 2016. Profit before tax also rose by 11 per cent to N46.2 billion in 2017, from N41.6 billion in 2016, while profit after tax moved from N31.1 billion in 2016 to N37.7 billion in 2017, showing a growth of 21 per cent.

Commenting on the results, Group Chief Executive of ETI,  Mr. Ade Ayeyemi,  said: “Our audited half year results demonstrated the benefits of our diversified business model. Despite a fragile  macroeconomic backdrop in most of our markets, we still generated a 15.6 per cent return on tangible equity and further improved our cost-to- income ratio to 60.6 per cent, driven by our continued cost reduction initiatives across the network.”

According to him,  revenues increased five  in constant currency, and highlighted encouraging growth in our Trade and FICC, businesses, thanks to  encouraging client activity and improving foreign-exchange markets.

He noted that overall,  “the bank  is  making good progress on its strategy and continue to serve our customers diligently. We look forward to the second half of the year with excitement. ”We are also happy with the progress we are making on the digital front, particularly on our strategy to enable millions of unbanked Africans  have access to financial solutions using our revolutionary Ecobank App and other digital channels. We have also recently announced the  appointment of Eric Odhiambo as chief risk officer, to help drive our risk management objectives and improve our risk culture,” Ayeyemi said.

Recall that the ETI boss had last told shareholders recently that  Ecobank was  fundamentally strong as a systemically important bank in Nigeria, a leading bank in both Francophone and Anglophone West Africa and  a bank that is growing selectively within Central, Eastern and Southern Africa.

Meanwhile, Ecobank Nigeria has again reviewed, upwards, the daily limit that customers can spend with their naira MasterCards for international transactions. With this review, the spending limits currently applicable for customers, using an Ecobank naira MasterCard, for international spend on Point of Sale (PoS) and online channels was raised from $300 to $1,000 representing 333 per cent for its standard card holders, $750 to $2500 for its gold card holders and $1000 to $3000 for platinum customers.

Head, Consumer Distribution, Tunde Kuponiyi, said the review was a deliberate effort to meet and cater for customers’ expectations, stating that, it would further ease the burden of customers making purchases outside the country.

According to him, ‘this is a response to customers’ growing demand for higher limits. It allows our customers to continue to access their Ecobank naira denominated cards abroad and online with no undue stress. As a bank, we hold our customers in high esteem. We listen to them and always set out to meet and surpass their expectations at all times.’’

He restated the bank’s determination and commitment to meeting the banking and financing needs of all its customers.

Kuponiyi further said “customers can get instant cards within two minutes in any Ecobank branch, and that card is automatically enabled for value added services and online transactions both locally and abroad. Foreign currency denominated MasterCard debit cards, USD, GBP and EUR, can also be used to spend directly from domiciliary accounts.”

Recall that Ecobank first reviewed its card limits upwards, for international spend in July this year.

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